The hard 4:00 close is not the way to go. It hurts the average investor who trades through intermediaries. I live on the west coast and I would have only a few hours in the morning, if that, to make a decision to buy or sell a mutual fund while wealthy individual investors get a full day.

Most of the mutual fund scandal occurred because mutual fund allowed wealthy, well connected individuals to break the rules. Your hard 4:00 close doesn't really preclude them from doing the same thing again. You really need to rethink your proposal and figure out a way to treat people equally.